Kirubi's daughter quits Centum-owned Sidian Bank over conflict of interest
Business
By
Brian Ngugi
| Aug 31, 2023
The late businessman Chris Kirubi's daughter Mary Ann Musangi has quit the board of Centum-owned Sidian Bank to avoid a conflict of interest.
Mrs Msangi is the wife of Central Bank of Kenya (CBK) chairperson nominee Andrew Mukite Musangi, who is due for vetting by Parliament.
She took over the running of her late father's multi-billion-shilling business empire following his death in June 2021. She is the managing director of Haco Industries.
"Mrs Mary-Ann Musangi has tendered her resignation from the Board of Sidian Bank following the nomination of Mr Andrew Mukite Musangi by His Excellency President William Ruto to serve as the Chairperson of the Central Bank of Kenya, pending vetting by Parliament," said Sidian Bank in a statement.
Mrs Musangi has served on the board of Sidian Bank for eight years and was the chairperson of the Nomination Committee.
READ MORE
Orphan who benefited from Ebenezer scholarship excels in KCSE
Kenya's 'night runner': How a rural ritual with links to witchcraft became an urban staple
Museveni: still seeking power after 40 years of rule
Phasing out 8-4-4: KCSE exams enter final stretch
Concern over growing inequality as 47,798 candidates score E
Great Wall tenants accuse management of alleged negligence
Parents worry as 8-4-4 learners face neglect amid CBE transition
State faces new IMF test as loan talks resume
Let's prioritise quality learning this year
Saudi Arabia sets executions record in 2025, putting 356 people to death
The late Kirubi, who died at the age of 80 after a long battle with cancer, had interests in diverse sectors, including media (Capital FM), manufacturing (Haco Industries), real estate (Two Rivers Mall), and technology.
Mr Kirubi's holdings in unlisted and listed firms at the Nairobi Securities Exchange are worth a fortune, adding to the expansive estate estimated at billions of shillings.
"As Mary-Ann embarks on a new chapter, we embrace her legacy of commitment to best practice in corporate governance that she leaves behind," said James Mworia, Chairman of Sidian Bank's Board and CEO of Centum Investment Company.
The bank said she in her previous role spearheaded the corporate rebrand transformation exercise from K-Rep Bank to Sidian Bank.
"Mary-Ann has been an essential part of our journey," Sidian Bank Chief Executive Chege Thumbi.
"She has been a driving force in championing our values and guiding us through pivotal moments in the bank. Her leadership, vision and commitment to upholding the highest levels of ethical standards have been invaluable. We will carry her visionary spirit forward."